Saudi Non-Oil Economy have achieved a historic milestone and create a landmark by earning 50% of revenue from GDP in the year 2023, which breaks the record for previous years. As stated by General Authority’s analysis for statistics data presented by Ministry of Economy and Planning. The figures showed that GDP valued 1.7 trillion riyals which is approximately equals to $453 billion. The valuable impact from non-oil domain is associated with the impact of investment in the private sector for the past two years with the exceptional growth rate of about 57pc.
As per the findings this propelled the private investment to exceptional heights of 959bn riyals which is approximately equals to $254bn in the year 2023 and entertainment and art were leading in terms of figures for about 106pc growth between the years 2021 and 2022. Other sectors in which transportation, accommodation, food services and storage are included expand almost 77pc and 29pc.
During the year 2023 the growth in non-oil sector is remarkable across various sectors. Tourism sector skyrocketed during the previous two years. Therefore, the growth rate is about 319pc. The figures indicate that Saudi Arabia transforming into the global entertainment and tourism spot. Furthermore, it propelled the economic diversification and turning into growth engines.
History of KSA Revenue Generation
Saudi Non-Oil Economy generates much of its revenue from OIL and it was the corner stone for the kingdom to generate revenue other than oil. But during the year 2023 Saudi Arabia achieved this milestone by generating 50% of revenue from non oil. For the kingdom, this is an outstanding achievement. And Saudi Arabia conquered the corner stone by generating 50% of the revenue other than oil.
KSA A Tourist Destination
Kingdom of Saudi Arabia is remarkable being a destination for tourism. Its infrastructure, technological advancement, culture attracts tourists towards the kingdom. As per the report of past two years economy of the kingdom boost drastically with tourism. Therefore, it’s a skyrocketed step towards the growth and prosperity of the kingdom.
Conclusion
Saudi Arabia aimed to generate more revenue from non oil, and during the year 2023 Saudi Arabia successfully generate half of the revenue from GDP which is spectacular. And KSA figuring out more opportunities which will assist in generating more revenue expect oil to expand the economy.